Thousands of millionaires collect Social Security (2024)

You don’t have to need Social Security benefits to collect them: every eligible American can collect benefits at retirement, and that includes millionaires. In 2010, 47,535 millionaires received Social Security benefits totaling $1.438 billion. The maximum benefit is $2,533 a month, or $30,396 a year.

The median income of all SS recipients 65 or older is $26,000. 27 percent of recipients have income of less than $15,000.

People who earn higher salaries in their working years benefit more from Social Security. The higher the payroll tax contribution, the greater the benefits at retirement.

Check out our infographic for more on how Social Security benefits are distributed. See “What Do Others Say?” for more opinion, then add to the discussion below. Is the current system fair? Should more affluent Americans get reduced benefits despite greater contributions to the system?

Social Security Administration: “Total Money Income of Aged Units”

Social Security Administration: “Income of the Aged Chartbook”

Internal Revenue Service: "Individual Income Tax Returns 2010"

Heritage Foundation: “How to make Social Security work better for women”

AARP: “Option: Begin means-testing Social Security benefits”

Center on Budget and Policy Priorities: “Social Security benefits are modest”

Daily Finance: “Should the rich lose their Social Security benefits?”

Bloomberg: “The Must Read: Social Security worse than we think”

PBS NewsHour: “How severe are problems with Social Security?”